Looking to COP27, Here’s Where Three Key COP26 Announcements Stand | Article

At the 26th United Nations Climate Change Conference (COP26) last November, a plethora of agreements, declarations, and collaborations were announced to confront the climate crisis. Over the past year, some progress has been made on carrying out three key COP26 announcements: the Global Methane Pledge, the First Movers Coalition, and the Just Energy Transition Partnership. With COP27 right around the corner, here is where these initiatives stand.

Global Methane Pledge

At COP26, over 100 countries—including the United States—joined the Global Methane Pledge, an initiative to take voluntary actions to reduce global methane emissions by at least 30 percent compared to 2020 levels by 2030. Since COP26, the number of signatories to the pledge has risen to 120, with Egypt, Kosovo, Moldova, Oman, Qatar, Saint Lucia, Trinidad and Tobago, and Uzbekistan recently signing on.

Methane is a potent greenhouse gas responsible for around 30 percent of the current rise in global temperatures, according to the International Energy Agency (IEA). Domestically, the Biden-Harris Administration laid out a plan to tackle methane emissions with the unveiling of the U.S. Methane Emissions Reduction Action Plan at COP26. The plan focuses on addressing methane emissions from the oil and gas sector, landfills, abandoned coal mines, and agriculture, with the goal of slashing methane in line with the targets set by the Global Methane Pledge.

Since the plan was released, the United States has taken tangible steps to reduce methane emissions. The Inflation Reduction Act (IRA) (P.L.117-169) created the Methane Emissions Reduction Program, which establishes a charge on methane emissions from certain oil and gas facilities. In the United States, the fossil fuel sector is responsible for the largest share of methane emissions. In addition, the Infrastructure Investment and Jobs Act (IIJA) (P.L.117-58), which passed just a few days after COP26 negotiations commenced, authorized $4.7 billion to plug orphaned oil and gas wells and over $11.2 billion to reclaim abandoned coal mines, both of which leak methane emissions. There have also been a number of U.S. agency actions to address methane emissions, including by the U.S. Department of Transportation and U.S. Department of Agriculture.

On the international stage, the United States, the European Union, and 11 other countries launched the Global Methane Pledge Energy Pathway in June 2022, as an implementation step of the commitment to tackle methane emissions from the oil and gas sector. The Energy Pathway encourages nations to capture methane emissions from the sector and eliminate routine gas flaring by no later than 2030. To support the Energy Pathway, the United States will provide $3.5 million to the Global Methane Initiative, and intends to provide at least $1.5 million to the World Bank’s Global Gas Flaring Reduction Partnership.

First Movers Coalition

The First Movers Coalition—launched at COP26 by the U.S. State Department’s Special Envoy for Climate Change John Kerry and the World Economic Forum—is an initiative to use the purchasing power of the private sector to create markets for clean energy technologies. When launched, the First Movers Coalition focused on scaling up low- and no-emissions products in aviation, shipping, steel, and trucking and included more than 25 founding companies. In May 2022 at the World Economic Forum, the First Movers Coalition announced an expansion into two additional sectors: aluminum and carbon dioxide removal. Today, the First Movers Coalition has over 55 member companies and 10 government partners. Looking to COP27, the First Movers Coalition plans to announce additional commitments for chemicals and concrete.

In May 2021, the IEA released a report outlining a plan for the world to achieve net-zero greenhouse gas emissions by 2050. To scale up new clean energy technologies, the report estimated that $90 billion of public money would need to be mobilized by 2026. In June 2022, President Biden urged other countries to join the United States in raising that public money, which will be leveraged by private investments through the First Movers Coalition. Domestically, the Biden-Harris Administration has taken steps to commercialize emerging clean energy technologies with the enactment of the IIJA, which included $21.5 billion for clean technology demonstration projects like clean hydrogen, carbon capture, and advanced nuclear reactors.

Just Energy Transition Partnership

The United States, France, Germany, the United Kingdom, and the European Union jointly announced the Just Energy Transition Partnership (JETP) at COP26, an agreement with South Africa to support the country’s decarbonization efforts. South Africa relies on coal for 70 percent of its energy supply, and the Partnership aims to facilitate a just transition away from coal toward renewable energy. The group committed to mobilize $8.5 billion over the next three to five years to support the JETP.

In a six-month update on the JETP in June 2022, the coalition identified several areas of progress. For example, South Africa is working to create a domestic policy environment conducive to facilitating the JETP, including through the introduction of a climate change bill, reforms in the electricity sector to support renewable energy, and the development of a Just Transition Framework. As part of the six-month update, South African officials met with international partners, including U.S. Secretary of the Treasury Janet Yellen, to discuss progress on the JETP and the JETP Investment Plan. The JETP Investment Plan will “identify South Africa’s energy transition priorities, additional economic development opportunities, and opportunities to mobilize additional private sector finance,” according to a U.S. Department of Treasury press release, and is expected to be approved by the start of COP27. The partnership is being used as a model for similar initiatives in other countries such as Indonesia and Vietnam.

Other Notable Updates

Sustainable shipping was another area of focus at COP26 with the launch of the Clydebank Declaration and the Declaration on Zero Emission Shipping by 2050. The number of countries signing on to the Clydebank Declaration, in which countries agreed to establish at least six green shipping corridors by 2025, has risen to 24 with the addition of Italy, Morocco, Palau, Singapore, and Spain. The United States plans to launch the Green Shipping Challenge at COP27 to encourage governments, ports, maritime carriers, and cargo owners to create steps for full decarbonization of the shipping sector by 2050.

Also at COP26, the President’s Emergency Plan for Adaptation and Resilience (PREPARE) was launched to support developing countries in adapting to climate impacts. On September 15, 2022, the Biden-Harris Administration released an action plan to guide implementation of PREPARE between 2022 and 2024. According to a press release, “The President has committed to working with Congress to provide $3 billion in adaptation finance annually for PREPARE by fiscal year 2024.”

Looking ahead to COP27, which will run from November 6 to 18, increasing global climate action will be crucial for achieving the Paris Agreement’s goal of limiting global warming to well below two degrees Celsius. EESI will be tracking key announcements and outcomes of the upcoming negotiations with our daily COP27 Dispatch newsletter. Sign up here.

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